GRSA Discretionary Payment for FY22
MEDIA RELEASE – January 20th, 2022
Greyhound Racing SA Announces $750 Thousand Discretionary Payment for FY22
Greyhound Racing SA (GRSA) advises that a $750 thousand Industry Performance Reward Payment (IPRP) will be made to participants in January 2022. This payment reflects the strength of wagering revenue from July to October. On a related note, there will be no Wagering Activity Payment (WAP) for the month of December. Corporate wagering revenue fell to its lowest level for the year in December and was 38% lower than the peak in October. Wagering revenue now appears to be calibrating to prior year levels as COVID restrictions have lifted and Australians divert disposable income to other pastimes. GRSA will continue to monitor wagering trends and will update participants with any notable developments.
The IPRP will be distributed in direct proportion with Wagering Activity Payment (WAP) distributions across the six months spanning July to December 2021. The WAP model ensures that 50% of all net wagering revenue is returned to participants. Any IPRP’s sit outside that model and will result in distributions of net wagering revenue exceeding that 50% minimum.
“The GRSA Board is delighted to advise the payment of a third IPRP in 18 months. Our participants continue to be resilient in an ever-changing landscape of COVID restrictions and this payment is reward for their efforts over the last 6 months,” commented GRSA Chairman Grantley Stevens.
For clarity, IPRP’s are, in every respect, a form of stakemoney and are intended to be shared between trainers and owners in the same way that is the case for stakemoney and WAP returns. This IPRP will be distributed in the last week of January, after all wagering income for the first six-months has been received and reconciled.
As a not-for-profit organisation, GRSA has an obligation to maximise returns to industry from wagering activity on local greyhound racing product but, more than that, our Board is driven to ensuring that its trainers, breeders and owners can enjoy an increasingly viable involvement with the sport.